May 19 (Reuters) – Parabilis Medicines on Tuesday filed for an initial public offering in the United States, according to a regulatory filing, and said it intends to use part of the proceeds to support the development of its drug pipeline.
The IPO comes as investor appetite for new listings has improved following strong market debuts by companies such as AI chipmaker Cerebras Systems and geothermal energy firm Fervo Energy, underscoring robust demand for new offerings.
Parabilis is a clinical-stage biopharmaceutical company developing Helicons, a class of therapies designed to target proteins that have historically been difficult to address.
The company’s lead drug candidate, zolucatetide, has been evaluated in more than 150 patients and has shown encouraging clinical data across several solid tumor types, the filing showed.
Parabilis plans to use the IPO proceeds, along with funds from a concurrent private placement to advance clinical development of zolucatetide, expand its broader pipeline and support its Helicon platform and general corporate purposes.
On Monday, Regeneron Pharmaceuticals said it has partnered with Parabilis, which could receive up to $2.2 billion in milestone payments to develop treatments for hard-to-reach disease targets.
As part of its research collaboration, Regeneron has agreed to buy about $75 million of Parabilis stock in the concurrent private placement tied to the IPO, according to the filing.
Parabilis will list on the Nasdaq under the symbol “PBLS”.
Leerink Partners, BofA Securities and Evercore ISI are among the underwriters for the offering.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber)
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